The current version of the bill to regulate cryptocurrencies in the US does not have provisions for non-fungible tokens (NFTs) and environmental issues. Information about this is reported by US Senator from Wyoming Cynthia Lummis.
According to her, among the reasons not to include NFTs in the document were the difficulties with their classification. She hoped that regulators would come to a consensus on this issue in the future.
With this bill, the US legal framework can be adapted so that cryptocurrencies and traditional assets fall under the same regulatory categories, Lummis said.
In particular, the regulatory document will share powers between the CFTC and the SEC. Under the supervision of the first department will fall assets that are considered a commodity and are traded on the spot or futures markets, the second – belonging to the category of securities according to the Howey test.
In addition, the senator said that the draft law will allow the use of cryptocurrencies in payments and the integration of the asset class into packages of 401(k) retirement savings accounts. Previously about plans to provide customers with a similar opportunity declared at Fidelity Investments.
The document also covers the CBDC, but Lummis declined to elaborate.
Work on this project started back in December 2021.